Northbrook, IL -- (SBWIRE) -- 01/18/2022 -- The report "Corrosion Protection Coating Market by Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Petrochemical, Infrastructure),And Region – Global Forecast to 2025", The global corrosion protection coatings market size is projected to grow from USD 6.9 billion in 2020 to USD 8.9 billion by 2025, at a CAGR of 5.3%.Worldwide, corrosion causes huge financial losses in many industries. It also gradually weakens structures posing a threat to property and life. Corrosion protection coating is one of the most effective and economical solutions for tackling corrosion. They act as a barrier between the surface and the corrosion agent and prolong the life of the structure as well as enhance its efficiency.

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Driver:  Increasing losses and damage due to corrosion
Corrosion has been recognized as one of the serious problems. The losses caused by corrosion can be very high on a monetary basis and pose a direct threat toward the well-being of general property as well as the life of people. The Society of Civil Engineers (ASCE) in 2011 estimated the loss due to corrosion in the US to be higher than USD 500 billion each year. The report further estimated that around USD 3.6 trillion would be spent in the US by 2020 for the repair and maintenance of the damage caused due to corrosion. According to the Ministry of Statistics and Programme Implementation (MOSPI), the consumption of fixed capital (CFC) loss in 2019 was more than 10%of India's GDP. There is huge monetary loss due to rust, corrosion, wear and tear, accidental damages, and other such factors, which in turn affects the consumption of fixed capital (CFC). These losses lead to economic depreciation and are mostly seen in manufacturing and real estate industries.

More than one-third of the losses can be prevented through the use of corrosion-resistant materials, such as corrosion protection coatings. Therefore, the need to reduce the loss due to corrosion will be one of the biggest drivers for the growth of the corrosion protection coatings market.

Restraint: Stringent environmental regulations
Regulations were targeted at curtailing the volatile organic compounds (VOC) emissions from coatings. REACH and LEED GreenSeal GC-03 2nd Ed., 1997 specify the VOC content in grams per liter (g/l) for corrosion protection coatings. Such regulations have put pressure on coating manufacturers to comply with the standards by reducing VOC contents while simultaneously trying to better or maintain the quality and performance of these coatings. The regulations have also impacted the price of corrosion protection coating as the regulations brought a change in the technology, which is used for the production of coatings. These are solvent-based coatings with moderate-to-high solid content. However, regulations have compelled manufacturers to explore solvent-based coatings production with low solid content or to produce water-based coatings. Any change in technology results in high investment as there is a change in the production process, which also impacts the performance of corrosion protection coatings. Therefore, the regulations present a formidable short-term restraint for the growth of the market.

Opportunity: Demand for high efficiency high performance corrosion protection coatings 
The changing operating conditions in the end-use industries such as oil & gas and marine have created demand for corrosion protection coatings with higher properties and efficiency. For example, the increasing use of enhanced oil recovery (EOR) methods in the oil & gas sector has created the requirement for coatings that can endure high temperatures and pressure efficiently and ensure long-term protection of structures. The demand for high-solid corrosion protection coatings from the oil & gas, marine, and infrastructure sectors have also increased R&D activities for the development of these coatings, which are suitable for application in harsh conditions. This is a short-term driver but has the potential to evolve to be a long-term driver. Thus, the increase in demand for high-efficiency corrosion protection coatings is expected to present significant opportunities for the growth of the market. 

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Browse in-depth TOC on "Corrosion Protection Coating Market"

111 - Market Data Tables

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The corrosion protection coatings market in APAC is expected to register the highest CAGR during the forecast period. 

The market for corrosion protection coatings in APAC is projected to register high growth, and the trend is projected to continue during the forecast period. It is the fastest-growing corrosion protection coatings market globally. This is mainly attributed to economic development, followed by heavy investment across industries such as petrochemical, oil & gas, infrastructure, power generation, and industrial. APAC is the most promising market and is expected to be the same in the near future. Additionally, global manufacturers are shifting their production facilities to APAC to take advantage of the low labor cost and cater to the demand in the local market. 

APAC is the hub of foreign investment and booming industrial sectors largely due to the low-cost labor and cheap availability of lands. An increase in the demand for corrosion protection coatings can be largely attributed to the growing industrial, infrastructure & construction, marine, and oil & gas industries. APAC has a growing power industry that is likely to drive the market for corrosion protection coatings. India produces most of its power through coal and is planning to increase solar energy generation with newer solar projects increasing the generation by 2025. These factors contribute to the rising demand for corrosion protection coatings in APAC. 

Major players operating in the corrosion protection coatings market include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Hempel A/S (Denmark), Chugoku Marine Paints (Japan), Axalta Coating Systems  (US), Nippon Paint Co., Ltd. (Japan) and Teknos (Finland). 

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